Significant Accounting Policy
Equity Injections
Amounts appropriated which are designated as ‘equity injections’ for a year (less any formal reductions) and Departmental Capital Budgets (DCBs) are recognised directly in contributed equity in that year.

Budget Variances Commentary (continued)

Refer to the Statement of Comprehensive Income for budget variances thresholds.

Statement of Changes in Equity

Departmental capital budget
Additional funding of $2.5m was received for the digitisation of World War II records, which was not included in the original budget.

Adjustment on initial application of AASB 16
A $13.6m adjustment was made to eliminate the rent straightlining provision and two lease incentives on initial application of AASB 16. Refer to the Overview note.

Deficit for the period
The deficit for the period was greater than the original budget primarily due to higher than expected employee expenses and the implementation of the new accounting standard AASB 16 Leases.

Revaluation increment/(decrement)
The revaluation reserve movement was different to budget as it is difficult for the National Archives to anticipate any collection impairment or movements due to revaluation of assets at the time the original budget was prepared.